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anu106
Level 1

How to adjust gst input tax which is reflecting om the portal?

 
1 Comment 1
MichelleBh
Moderator

How to adjust gst input tax which is reflecting om the portal?

I'm here to help you modify your GST tax, @anu106.

 

I've got easy steps on how to adjust GST Input Tax in QuickBooks Online. Thus, your reports and books are accurate at the end of the month or year. 

 

Here's how:

  1. Go to the Taxes tab on the left side. 
  2. Choose the GST Input Tax in the Tax drop-down.
  3. Select the Returns tab on the left pane. 
  4. Click the Tax adjustment under Open
  5. Pick Currency in the drop-down if you have. 
  6. In the journal entry, add the InputOutput, and Payable accounts for CGSTSGST, and IGST
  7.  Tap Save and close

 

Once done, you can now record your tax payments for recording purposes. You can follow the steps below to accomplish this. 

  1. On the Taxes page, choose Payment history and click Record Payment
  2. Select the right Bank in the upper left box. 
  3. Pick the exact Payment date in the field. 
  4. Enter your IGSTCGST, and SGST amounts in the box. 
  5. Click Save

 

The adjustment is shown as a general journal entry in the related section of the Tax Detail report. For the complete details, check out this page: What is Tax Adjustment, and how do I use it?

 

Additionally, you can always run any tax reports in your account to track all the data you've entered into the system. You'll want to go to the Reports page and click the appropriate report one at a time. 

 

Lastly, check out these articles below to know the commonly asked question with GST Input Tax credit.

 

 

You're always welcome to leave a comment below if you have additional questions about your input tax. I'm constantly here to help you. Keep safe.